In my eyes cloaking would be an energy based ability that would drain energy for the period you are using it for. This would be for the cloaking module that you would be able to buy and install on all ships (based on electronics talents?). Bigger ships would consume more energy when cloaking. This means having a small ship, with upgraded energy, would allow it to cloak for a longer period of time.

You could then also design a ship which has a built in perk of invisibility. You know a, press G to cloak kind of mechanic. This ships cloaking would not drain energy but would be timer based, with an added recharge timer. This wouldn't make it overpowered but would make it a bit better compared to the cloaking module.Ofc with the design of the ship, a ship which has a cloaking perk would mean it's more a sniper ship, which means it doesn't have that much HP.

How I see cloaking working is in 2 days:- A means to bypass enemies- Temporarily get out of combat to be able to make an escape, or better align

If you were to implement a ship with the perk, this would mean you could add perks to the existing ships too - I think this would be a great incentive for players to choose a specific ship if it had a special ability. For example one of the mining ships could have a perk which reduces mining energy cost, a trader ship could have a warp perk to load up a warping ability that could make you travel 2-4 systems? A fighter ship could have a special nano bot self repair tech.... or an extra range perk, etc etc